Saudi Arabia has assured South Korea of its commitment to a stable oil market, after prices hit $80 a barrel for the first time since 2014, Seoul's energy ministry said Sunday.

Saudi Arabia's energy minister, Khalid al-Falih, called Paik Un-gyu, South Korean minister of trade, industry and energy, to discuss the latest development in the global oil market, Paik's office said.

During the phone call, Al Falih said his government will provide full support for a stable oil supply to South Korea, one of its major buyers.

After prices hit $80 a barrel for the first time since 2014 on Friday, the key member of Organization of the Petroleum Exporting Countries (OPEC) said it is consulting other oil producers to ensure an adequate level of supply to offset any potential shortfalls.

In a Twitter post on the same day, Al Falih said he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to "coordinate global action to ease global market anxiety."

The price rally followed U.S. President Donald Trump's decision to withdraw from the Iran nuclear deal and restore wide-ranging sanctions on the major oil producer. Concerns are also mounting over falling output in Venezuela and the U.S. (Yonhap)